Seaway 7 awarded preferred supplier status for Seagreen 1A

Seaway 7 awarded preferred supplier status for Seagreen 1A

07 Jun 2022 15:45 CEST

Luxembourg - 7 June 2022 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced that Seaway 7 ASA(1) has been selected by Seagreen 1 Limited as a
preferred supplier for the Seagreen 1A offshore wind project, offshore Scotland.
Seagreen 1A lies adjacent to the existing Seagreen project that Seaway 7 is
currently progressing and represents approximately 500MW of additional renewable
energy generation capacity.

Seaway 7's scope of work is under final negotiation and may include the full
engineering, fabrication, transport and installation of 36 foundations,
transportation and installation of the offshore substation and the procurement
and installation of inner-array cables. Execution of the scope will be led from
Seaway 7's Aberdeen office.

The project is expected to commence in 2023 with offshore work commencing in
late 2024 and could be operational by 2025/26.

The timeframe and Seaway 7's selection are subject to the Seagreen 1A project
securing consent and a final investment decision by SSE Renewables and
TotalEnergies. The value related to this very large(2) agreement is expected to
be recognised in Seaway 7's backlog after final contractual terms have been
agreed.

Stuart Fitzgerald, CEO Seaway 7, said: "We are delighted to be continuing our
successful relationship with SSE Renewables and TotalEnergies to progress the
Seagreen 1A project. The project will continue to be managed from our office in
Aberdeen where we are bringing over a decade of UK offshore wind expertise to
Scotland's largest offshore wind project."

John Evans, CEO Subsea 7, said: "We are very pleased to be continuing our
proactive participation in the UK's ongoing energy transition and we look
forward to extending our long-term collaboration with SSE Renewables, which
began in 2009 with the pioneering Greater Gabbard development and continued with
Beatrice, Seagreen and Dogger Bank."

((1)) Seaway 7 is listed on Euronext Growth (SEAW7) and is part of the Subsea 7
S.A. Group.
((2)) Subsea 7 defines a very large contract as being between USD 500 million
and USD 750 million.

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Subsea 7 is a global leader in the delivery of offshore projects and services
for the evolving energy industry, creating sustainable value by being the
industry's partner and employer of choice in delivering the efficient offshore
solutions the world needs.

Subsea 7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director, Subsea 7 S.A.
Tel +44 (0)20 8210 5568
[email protected]

Forward-Looking Statements: This announcement may contain 'forward-looking
statements' (within the meaning of the safe harbour provisions of the U.S.
Private Securities Litigation Reform Act of 1995). These statements relate to
our current expectations, beliefs, intentions, assumptions or strategies
regarding the future and are subject to known and unknown risks that could cause
actual results, performance or events to differ materially from those expressed
or implied in these statements. Forward-looking statements may be identified by
the use of words such as 'anticipate', 'believe', 'estimate', 'expect',
'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should',
'strategy' 'will', and similar expressions. The principal risks which could
affect future operations of the Group are described in the 'Risk Management'
section of the Group's Annual Report and Consolidated Financial Statements for
the year ended 31 December 2021. Factors that may cause actual and future
results and trends to differ materially from our forward-looking statements
include (but are not limited to): (i) our ability to deliver fixed price
projects in accordance with client expectations and within the parameters of our
bids, and to avoid cost overruns; (ii) our ability to collect receivables,
negotiate variation orders and collect the related revenue; (iii) our ability to
recover costs on significant projects; (iv) capital expenditure by oil and gas
companies, which is affected by fluctuations in the price of, and demand for,
crude oil and natural gas; (v) unanticipated delays or cancellation of projects
included in our backlog; (vi) competition and price fluctuations in the markets
and businesses in which we operate; (vii) the loss of, or deterioration in our
relationship with, any significant clients; (viii) the outcome of legal
proceedings or governmental inquiries; (ix) uncertainties inherent in operating
internationally, including economic, political and social instability, boycotts
or embargoes, labour unrest, changes in foreign governmental regulations,
corruption and currency fluctuations; (x) the effects of a pandemic or epidemic
or a natural disaster; (xi) liability to third parties for the failure of our
joint venture partners to fulfil their obligations; (xii) changes in, or our
failure to comply with, applicable laws and regulations (including regulatory
measures addressing climate change); (xiii) operating hazards, including spills,
environmental damage, personal or property damage and business interruptions
caused by adverse weather; (xiv) equipment or mechanical failures, which could
increase costs, impair revenue and result in penalties for failure to meet
project completion requirements; (xv) the timely delivery of vessels on order
and the timely completion of ship conversion programmes; (xvi) our ability to
keep pace with technological changes and the impact of potential information
technology, cyber security or data security breaches; and (xvii) the
effectiveness of our disclosure controls and procedures and internal control
over financial reporting;. Many of these factors are beyond our ability to
control or predict. Given these uncertainties, you should not place undue
reliance on the forward-looking statements. Each forward-looking statement
speaks only as of the date of this announcement. We undertake no obligation to
update publicly or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

564276_SUBC Seagreen1A.pdf

Source

Subsea 7 S.A.

Provider

Oslo Børs Newspoint